Bank Partners

Aheadofhertime

If money is invested in two banks which are part of the same partnership does it mean that both accounts are lumped together for the 85,000 pound protection?

refluxer

If banks are 'linked', then yes. There's some useful info on MSE's article (including a checker) here 

eskbanker

The degree of such linkages is important, so if they share a banking licence then the FSCS protection is shared, so, for example, RBS and NatWest are members of the same group but have their own separate licences, so have separate FSCS cover, whereas First Direct share theirs with HSBC as they operate under one licence.

The definitive guide is at https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2020/list-of-banking-brands-july-2020.pdf

Aheadofhertime

Thank you for your answers. To elaborate:- I am interested in Raisin Bank to invest at a fixed rate of interest, and JN
Bank to invest in an Easy Access account, variable rate. I have been trying unsuccessfully to find out whether these two banks are in the same partnership group. Since I will be investing a substantial amount of money I need to know how safe my money is going to be.

eskbanker

Raisin acts as a middleman, with your money actually being deposited with other institutions, so it's the specific product that you need to check with them....

Aheadofhertime

Thank you, I have followed the links you both kindly provided and now I have found the answer to my question. Glad I joined